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DOG•GO•TO•THE•MOON (DOG) Meme Coin Surges 20% & Enters Top 100 Cryptocurrencies

TLDR

  • DOG (DOG•GO•TO•THE•MOON) meme coin has surged by 20% in the past 24 hours, contrasting with the broader crypto market’s decline.
  • The token reached an all-time high of $0.00956 on June 3, with its market cap now exceeding $868 million, securing a spot among the top 100 crypto assets.
  • DOG’s trading volume has increased by 131% to reach $86 million, and the coin has demonstrated a 114% surge over the past seven days.
  • The meme coin is now ranked seventh among meme coins, overtaking the recently launched Solana meme coin sensation, Book of Meme (BOME).
  • DOG was airdropped to over 75,000 holders of Runestone Ordinal NFTs on its debut day, April 24, 2024, propelling its valuation and establishing it as a cornerstone asset within the Runes ecosystem.

Meme coin “Dog Go to the Moon” (DOG) has emerged as a top performer amidst a tumultuous day for the broader market.

According to data from CoinGecko, DOG has experienced a remarkable 20% surge in the past 24 hours, while the overall market suffered a significant 38.74% decline during the same period.

Dog price at Coingecko
Dog price at Coingecko

DOG’s impressive performance has not only secured its position among the leading 100 cryptocurrencies but has also established it as the largest gainer among the top 100 crypto assets.

The token reached an all-time high of $0.00956 on June 3, triggering a surge in its market capitalization, which now stands at over $868 million. This achievement has propelled DOG to the 98th rank, with the token currently trading at $0.00875.

The meme coin’s success can be attributed to its strategic debut on April 24, 2024, leveraging the innovative Runes protocol.

Developers executed a well-planned airdrop initiative, disbursing 100 billion DOG tokens to over 75,000 holders of the esteemed Runestone Ordinal NFTs on its first day. This move not only boosted DOG’s valuation but also solidified its status as a cornerstone asset within the Runes ecosystem.

DOG’s trading volume has also experienced a substantial increase, soaring by 131% to reach $86 million. Moreover, the asset has demonstrated impressive resilience over the past seven days, recording a remarkable 114% surge within this period.

As a result, DOG has climbed the ranks to become the seventh-largest meme coin, overtaking the recently launched Solana meme coin sensation, Book of Meme (BOME).

The Relative Strength Index (RSI) for DOG currently stands at 65.90, suggesting that the asset is neither overbought nor oversold, despite the recent spike.

This indication of a balanced market sentiment has led crypto pundit and founder of Crypto Capital Venture, Dan Gambardello, to predict that DOG could be a top performer, potentially flipping Dogecoin (DOGE).

As DOG maintains its momentum above the $0.0084 level, bullish investors anticipate a potential rally towards $0.01. However, if the bulls fail to drive a surge, the token’s price may fall below the support line at $0.0064, potentially initiating a bearish trend towards $0.0045.

The success of DOG has also revived interest in the Runes Protocol, a new token standard that enables the creation of fungible tokens on the Bitcoin blockchain.

Launched right after the halving event, Runes Protocol initially generated significant enthusiasm, pushing Bitcoin fees higher. However, the hype began to wane until DOG’s performance reignited interest in the protocol.

Leonidas, the developer behind Ordinals, has suggested that even Satoshi Nakamoto might be aware of the ongoing meme coin hype.

If DOG manages to join the ten-digit club, it will stand alongside established meme coins such as Solana-based BONK, Floki, and Pepe.

The post DOG•GO•TO•THE•MOON (DOG) Meme Coin Surges 20% & Enters Top 100 Cryptocurrencies appeared first on Blockonomi.

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